The stock of Independent Bank Corporation(MI) (NASDAQ:IBCP) hit a new 52-week high and has $45.14 target or 155.00% above today’s $17.70 share price. The 9 months bullish chart indicates low risk for the $393.95 million company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $45.14 price target is reached, the company will be worth $610.62M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 166,455 shares traded hands or 196.09% up from the average. Independent Bank Corporation(MI) (NASDAQ:IBCP) has risen 24.03% since April 11, 2016 and is uptrending. It has outperformed by 17.89% the S&P500.
Independent Bank Corporation(MI) (NASDAQ:IBCP) Ratings Coverage
Out of 5 analysts covering Independent Bank Corporation (NASDAQ:IBCP), 1 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. Independent Bank Corporation has been the topic of 6 analyst reports since July 29, 2015 according to StockzIntelligence Inc. The firm has “Market Perform” rating by FIG Partners given on Tuesday, August 11. The stock of Independent Bank Corporation(MI) (NASDAQ:IBCP) earned “Neutral” rating by Boenning & Scattergood on Wednesday, May 4. On Tuesday, August 11 the stock rating was downgraded by Fig Partners to “Outperform”. TheStreet upgraded Independent Bank Corporation(MI) (NASDAQ:IBCP) on Thursday, August 20 to “Hold” rating. Hovde Group initiated the shares of IBCP in a report on Friday, September 23 with “Market Perform” rating.
According to Zacks Investment Research, “Independent Bank Corporation is a bank holding company. Its subsidiary banks principally serve rural and suburban communities located across Michigan’s Lower Peninsula. The Banks emphasize service and convenience as a principal means of competing in the delivery of financial services.”
Insitutional Activity: The institutional sentiment decreased to 1.35 in Q2 2016. Its down 0.21, from 1.56 in 2016Q1. The ratio fall, as 2 funds sold all Independent Bank Corporation(MI) shares owned while 32 reduced positions. 12 funds bought stakes while 34 increased positions. They now own 16.21 million shares or 1.68% less from 16.49 million shares in 2016Q1.
Thompson Siegel And Walmsley Ltd Liability has 0% invested in the company for 1,800 shares. Jpmorgan Chase & holds 167,425 shares or 0% of its portfolio. Moreover, Teachers has 0% invested in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 32,213 shares. Rhumbline Advisers last reported 26,092 shares in the company. Springbok Limited Liability Company has 3,900 shares for 0.01% of their US portfolio. Stieven Cap Advsr Limited Partnership has invested 0.22% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP). American Intll Incorporated last reported 11,720 shares in the company. Deere has 19,400 shares for 0.02% of their US portfolio. Victory Capital Management Incorporated holds 0% of its portfolio in Independent Bank Corporation(MI) (NASDAQ:IBCP) for 59,610 shares. Los Angeles Cap Mngmt Equity accumulated 51,830 shares or 0.01% of the stock. Goldman Sachs last reported 0% of its portfolio in the stock. Nationwide Fund Advisors last reported 40,473 shares in the company. Boston owns 234,940 shares or 0% of their US portfolio. Blackrock accumulated 0% or 7,240 shares. Renaissance Technology Ltd Llc holds 586,500 shares or 0.02% of its portfolio.
Insider Transactions: Since May 25, 2016, the stock had 1 insider purchase, and 3 insider sales for $7,248 net activity. 6,082 shares were bought by MAGEE MICHAEL M JR, worth $99,568 on Wednesday, August 31. 3,000 shares were sold by Kimball Stefanie M, worth $44,550. TWAROZYNSKI JAMES J had sold 1,000 shares worth $15,030. 2,000 shares were sold by Collins Mark L, worth $32,740.
More important recent Independent Bank Corporation(MI) (NASDAQ:IBCP) news were published by: Globenewswire.com which released: “Independent Bank Corporation Announces Date for Its Third Quarter 2016 …” on September 28, 2016, also Globenewswire.com published article titled: “Independent Bank Corporation Announces a 25% Increase in Its Quarterly Cash …”, Globenewswire.com published: “Independent Bank Corporation Announces Date for Its Second Quarter 2016 …” on June 28, 2016. More interesting news about Independent Bank Corporation(MI) (NASDAQ:IBCP) was released by: Nasdaq.com and their article: “Independent Bank Corporation Announces Appointment of Patrick Ervin as Senior …” with publication date: September 12, 2016.
IBCP Company Profile
Independent Bank Corporation, incorporated on September 17, 1973, is a bank holding company. The Firm owns all of the outstanding stock of Independent Bank (the Bank). The Bank is engaged in providing commercial banking. The Bank offers a range of banking services to individuals and businesses, including checking and savings accounts, commercial lending, direct and indirect consumer financing, mortgage lending and safe deposit box services. The Company’s principal markets are the rural and suburban communities across Lower Michigan, which are served by the Bank’s main office in Grand Rapids, Michigan, and a total of approximately 60 branches, a drive-in facility and approximately eight loan production offices. The Bank’s branches provide lobby and drive-in services, as well as automatic teller machines (ATMs). In addition to general banking services, its Bank also offers title insurance services through a separate subsidiary, and investment and insurance services through a third party agreement with Cetera Investment Services LLC.
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